www.iva.co.uk

Hi
i wonder if any one can help me out.
i feel that i may have been directed in to an iva incorrectly and i am now in a mess.
in 2006 i spoke to a company in connection with helping me with my finances which had went out of control.
the company i spoke to organised someone to come and speak to me but in the process started the proceedings for an IVA.
up on the visit from the advisor about my debts he advised me that an iva was not a solution which would be ideal for me but the comapny had already began so he proceeded with talking about the iva.
the company went on to advise me on the IVA, i was in such a mess with my finances and the fact that they told me my payments would go down and alot of the debt would be written off i was taken in.
the iva was set up and was running when i found out about a full and final settlement iva, i spoke to my iva comapny about this to be advised on what i needed to do etc
i went in to the full and final settlement and i am now in a mess, the amount i raised took me very close to my property price, it increased my mortgage payment and interest i pay on my mortgage payment.
not only am i struggling with my payments on my mortgage and living expenses now i am also way in negative equity which is causing me more and more stress.
i dont know what to do now, please help me

tony

Hi Tony,

I am sorry to hear that you are in such a mess. It certainly does sound as though you had some bad advice. May I ask who the company was you went with?

You can complain about the service you received. Have a look at this link:

http://www.insolvency.gov.uk/howtocompl ... inssip.htm

As to your current situation, other than to declare bankruptcy, I don't know what you can do. I don't think it would help either unless you were willing to give up your house and go into rented accommodation as you would need to keep up the mortgage payments and you are clearly struggling with these.

Could you go onto interest only for a while, or extend the period of your mortgage so the payments were more affordable?

Hopefully one of the professionals will be along to advise further.

Hi Tony. Sorry to hear about your troubles but from what you say I am not sure that the IP has done anything wrong. The IVA was approved and then settled by way of a full and final and other than your mortgage you are now debt free.

I cannot see how this would be the fault of the IP as it sounds like he/she did their job although you may have agreed to a remortgage that you could not afford in an effort to settle early. Unless the IP recommended the mortgage I do not see how they could be held responsible for putting forward your offer.

As Jan says it may be best to interest only or extend the term. Otherwise you could consider the option of a tenant to ease the situation.